A Farm‐Level Financial Analysis of Farmers' Use of Futures and Options under Alternative Farm Programs
通过两期离散随机规划模型，分析农业计划和农场财务如何影响农民使用期货和期权对冲的决定，发现贷款利率和目标价格会减少使用，而高负债农场更倾向对冲。
Abstract In this paper, we investigate the relationships of farm programs and farm finance on farmers' decisions to hedge with futures or options. Results from a two‐period discrete sequential stochastic programming model of the farm firm indicates two important points. First, farmers' use of futures and options decreases in the presence of loan rates and target prices, and second, farms with high debt hedge more than farms with low debt. The results imply that evaluating farmers' use of futures and options based solely on market risks may exclude important information, namely participation in farm programs and the farm's capital structure.